How can you become rich in the crypto market without trading?
What you’ll see in this post are a lot of the best strategies that have worked for me to earn hundreds of thousands of dollars in the cryptocurrency market over the last several years.
I imagine when you find the 1 or 2 of these strategies that are most appropriate for you, you will be able to become rich in the cryptocurrency market as well. Even if today you don’t have any money to invest, even if you’ve made a lot of mistakes before and you’re down on your overall investments, it is still a great time to become rich in the cryptocurrency market. Especially when I show you all these ways you can participate without having any money or without putting a bunch of time and energy into it.
I’m Jerry Banfield and I’m grateful for the chance to serve you today. I trust if you also want to see my videos and to see the newest updates, you hit the subscribe button and/or turn those notifications on.
What I’ll do first is show you the number one strategy that initially worked for me to make money in the crypto market without trading after I lost thousands of dollars trading and I got obsessed with it. I stopped at one point and then I said, “Okay. I need a strategy that will make me money without costing me a bunch of time and insanity.”
I’m looking at the prices today for cryptocurrencies on August 4th, 2019 on Coinpaprika. I’m grateful Coinpaprika sponsored a video and I’m just shouting them out and I always use Coinpaprika because they sponsored a video with me. If you’d like to sponsor a video with me, I trust you’ll go to jerry.tips/sponsored. One of the great ways you can make money without buying any cryptocurrency is to help the existing cryptocurrencies market and promote. Almost every cryptocurrency that is newer is trying to get users and is desperate for marketing help and you can go a long way when you help them out. Let’s go through all the different tips now.
If you have money and you want to buy cryptocurrencies and make the most profit with the least aggravation, here’s the best strategy I used and the number one mistake I made when I look back at my entire time encrypted was deviating from this strategy. Here’s the strategy.
You buy a little bit consistently over time and hold it for at least a year minimum in the USA for taxes at least that’s ideal or you hold it until a specified price increase over what you’ve bought. However, how you set it up is up to you but the key is to make a plan and to be diversified. If you just buy one cryptocurrency, it’s very easy to get obsessed, to check the price charts all the time and to then start trading it. Oh well, it went up 10%. Let me sell it and I’ll try and back.
This is what worked for me. I started buying $20 a day of Bitcoin in 2015 and before, I’d went crazy and lost thousands of dollars trading. At one point I had 40 or 50 Bitcoin and I sold all of them at a guaranteed profit from where I’d bought them of $200 and something. As you can see, if I’d have simply held the 40 or 50 Bitcoin, I’d have about half a million dollars today and I literally wouldn’t have needed to do anything at all. In fact, if I had just done that, that would have made more than everything else I did combined.
Thus, if you do buy into the crypto market, the more moves you make, the more wrong moves you are guaranteed to make and that’s part of the game and that’s okay. Ideally, you get a diversified portfolio. So, you just relax and let the cryptocurrencies go up over time. If anyone in particular fails, another one’s success is likely to make up for.
What is Bitcoin and how to earn bitcoin?
Bitcoin is a digital currency. It’s basically servers that are created by individuals and companies with a blockchain that then anyone can participate in versus saying having a bank law. I don’t even like the term decentralized. It’s not really decentralized because almost all those that are mining Bitcoin, from what I understand, there’s a very small group of people and companies that mine almost all the Bitcoin.
If you want to earn Bitcoin, help somebody else earn Bitcoin. I’ve earned lots of Bitcoin by helping other people earn Bitcoin. If you can think of how to help somebody else earn Bitcoin, you will earn Bitcoin back as well. That’s the mindset once you think and that way you’ll be attracted into particular situations.
For example, I helped people with my trading tutorials earn Bitcoin and then thousands of people signed up on Coinbase and helped me earn a bunch of Bitcoin that way.
How do you decide which cryptocurrencies to buy? This is where it’s really worth putting in the time and effort. Checking price charts every day is not worth your time and effort. I know from experience. What is worth your time and effort are to really research any cryptocurrency you want to buy and find out about it. Who are the founders? How many users does it have?
- The price history for it whether it’s down or up overall
- The discussion that’s going on
- The followers very easily
- The circulating supply
- The exchanges it’s listed on
- Similar coins
- Cold progress
- Users transfer
You can see all kinds of data and then the key thing to do is, buy into projects that seem undervalued that you believe in the long-term potential of it. I did that repeatedly. I bought into Bitcoin. I said this has huge potential, I’m going to buy into this. Etherium at $9, I said this has a lot of upward potentials. Dash at $11, I bought into that and I made some mistakes also. Bought into Steem at $1.30 or something like that which is $0.20 today by how much I promoted it.
You can research the coins. Pick out ones you think are long-term winners and then just consistently put in every month. I recommend either put in every day unless you’re concerned about taxes and accounting, then you can buy automatically every day. For taxes, you could just put in once every month or once every two weeks.
The reason you want to put in consistently is that your price averaging over time. When you price average over time, the ups and downs of the market, you get to buy at every single price. For example, if you got excited and started buying at high. Yes, in the short term, you would have lost money buying Bitcoin every day all the way down from 20,000 down to 3,000. However, had you continued to keep buying Bitcoin, you would have made money all the way back up. You would at least be equal to if not ahead of where you were at without any of the stress.
You just by some every day or every couple weeks. Don’t worry about what the price is and just hold on to it indefinitely or for a specified amount of time or return and that’s the strategy I suggested years ago. That’s what I did that originally allowed me to turn a few thousand into tens of thousands with cryptocurrencies which I then started using with the all-in approach. I don’t recommend that in most cases. I went all-in with Dash at $11, promoted it, sold it at $87. Went all in it on Steem, made hundreds of thousands on Steem and then sold it mostly at around where I bought it or lower.
What I see is, I took a ton of time, energy, and effort than if I had just continued my original strategy, I would have actually made much more money like at least double what I made the way I did it and it would have been stress-free. When you’re all in on crypto, it’s really agonizing checking the price in every little development and as with Steem, it has just plummeted now. Especially after I sold out on it and I was the main promoter. Steem just looks like it’s on its way out to me. It continues to drop and drop and drop and it doesn’t look like it’s going anywhere at this point or ever and with an all-in strategy you risk losing everything.
Thus, if you’ve got money or you ever think you’ll have money, I hope this is helpful for you. Now if you’ve continued to read this whole way and you’re like, “Well, I hope you give something more for people who don’t have any money”. Yes, now see, I’ve told you this upfront because when you make money, you probably will want to put it in at some point to make more money. However, if you have absolutely nothing today, there are a couple of different strategies you can use to get started that then I will elaborate on and you can put all these together into this number one strategy.
If you think you don’t have any money, the first thing you can do is to look at and see if there’s anything you can cut in your life. For me, drinking alcohol used to cost me a lot of money and time. I got into cryptocurrency investing heavily after I got sober and started putting that beer and liquor money into cryptocurrency investing. If you want to see more about How Much Money Have I Made On Steem, you can click on the link to watch the full video. I also have a similar video on Dash that you can watch.
If you don’t have any money and you want to still get rich in the crypto market, there are a lot of other things you’re going to be able to do which I’ll show you here. I made a bunch of tutorials on YouTube consistently over time and that earned me a lot of money on YouTube. Tens of thousands of dollars in ad revenue, subscribers, and course sales. You can make video tutorials about cryptocurrencies, cryptocurrency exchanges, and cryptocurrency websites. Making videos like this is a really good way if you don’t have any money to actually invest or you’re not happy with the amount you do have to buy.
You can make videos and here’s a really good idea if you want to build up what you’ve already got. Make videos on the research you’re doing into particular cryptocurrencies. If let’s say, you have a little bit of money you want to put in and you’d like to have more you can invest which this is the most common situation I encounter. What you can do is, make a video showing or summarizing your research on a particular cryptocurrency.
Consider this, almost everyone else who wants to buy and invest in cryptocurrencies wants to have the best information. Therefore, if you can make videos just researching and explaining specific cryptocurrencies and this is what I did with some of the cryptocurrencies early on that got me lots of views and lots of earnings from that, you can research currencies and just make something that you could do every month. For example, you could research specific currencies or you could research the same currency and just keep it updated.
The idea is, help other people figure out which currencies are to invest in and this can help you earn. I did this strategy very heavily with Dash, Steem and originally with Bitcoin and Etherium. I made a lot of videos about Bitcoin as I was buying Bitcoin and guess what? I make videos and get people excited. They buy Bitcoin after I bought Bitcoin. I make videos talking about Etherium, for example, how to mine Etherium every day, then people get excited about Etherium.
When you help people research certain crypto they may be more likely to buy it and then that may have a significant increase in the price especially if it’s newer or a smaller market. Even if you don’t have that much of a following. You don’t even need a thousand views on a video to make a real difference. You can also do videos tutorials blog posts on specific strategies or specific areas. For example, I did a Bitrex Cryptocurrency Exchange Trading Tutorial and this got 135K views.
I did a video on 8 Cryptocurrency Exchanges For Buying & Selling Fiat. This got 100K views. Another video I did, I literally recorded myself trading on Polonius. That is all I did. I just recorded how I was setting up and buying and selling on Polonius. That worked because no one else had done that yet. If you see an exchange where someone else isn’t on there or you can help people learn how to use an exchange, you might be able to do something similar.
I even tried to make a video showing How to Make $100 a Day Trading Cryptocurrencies and actually lost like $200 in an hour and 40 minutes making the video and therefore, I just called it an epic fail. It was a helpful video to show how to actually place orders, how to look at and understand the basics of how the trading works and yet you just needed to pick better currencies than I did and have a better strategy.
I also did videos showing how to make money with cryptocurrencies. I also looked at particular new currency websites, for example, like Dlive. I looked at it and that was a new website. Lots of times for cryptocurrencies, if you find new apps on specific blockchains, those can be really good tutorials to make. I did some Price Predictions. These will be controversial because people will agree with you or disagree with you but people are often searching for price predictions. You can just make videos or blog posts on price predictions.
There are a lot of ways you can create content around cryptocurrencies that can help you build a following on YouTube, Facebook, Website, and Podcast. Content creation is one of the top ways if you’ve got no money, you can build up a following and you can have a lot of opportunities to monetize with a following.
Another thing you can do, some cryptocurrencies will pay you dividends like MasterNodes will pay you earnings. You will get paid just for holding that cryptocurrency, for example, I’m on MasterNodes. I just googled this and found it today. This shows a list of cryptocurrencies that have MasterNodes. MasterNodes allow you to get payment back based on whatever the ROI is listed. You get payment just for holding the cryptocurrency, putting it all in a wallet and then running often a server that is a MasterNode that helps process the transactions.
I promoted this heavily I’m Dash right after I bought it and set my own MasterNode up. Then I sold my MasterNode and if I had simply held my node the whole time on Dash, just took the ROI and sold it, I would have made comparable to the income on Steem without having to actually do anything. MasterNodes can be a really good way if you buy and hold cryptocurrency, put it all in a wallet and then use it to have a MasterNodes.
Some of these currencies have a really high return on investment but at the same time they may also have a lot of down in the price because if you’re paying out 18% ROI on a MasterNode and the most of the MasterNode owners are selling that every month, that may cause a lot of downward pressure on the price. Therefore, consider the ROI and consider the number required. What you can do on this chart here you can see how much it costs to have a MasterNode.
For example, a Dash MasterNode is $106,549. A Zee Coin MasterNode is $8,874. You can set up a Pivx MasterNode for $4,774. You could set up an Image Coin MasterNode for 4,354. You can set up Horizen Securenode for $336 and then you can see if any of these are offering great potential. For example, I’m not sure what’s going on with this but on Quark it says, there’s a crazy high return on it and it only costs $111 to set up.
Thus, these could all be good video topics to make something about as well as good things to talk about and test out that. I like things that produce money back. The number one problem I have with just buying and why I refuse to buy and hold Bitcoin today is because I don’t see a long-term future in it. It’s generally not good to buy something like Gold, Silver, Bitcoin something that doesn’t actually produce money to have it. By comparison, when say you buy stock, if the stock pays out dividends then you earn money even if the price doesn’t go up.
I really like MasterNodes for a cryptocurrency way to make money because these give you money even if the price stays the same, you get money out. Some of them every day, some of them every few weeks or a month. You keep getting a return on the investment all the time. Thus, MasterNodes maybe some of the best places you can invest in crypto, however, the downside with the MasterNode is you need to learn some of them can be difficult to set up which has a very good chance to make a video tutorial about it.
Other times with a MasterNode as well, you’ve got all your currency in one wallet. This could make you vulnerable to both losing it yourself. If you lose the private key, lose access to your wallet, you lose everything. No one can help you get it back or vulnerable to theft, where someone can actually take the MasterNode or steal your wallet and you lose everything that way. Therefore, please consider things like this ahead of time.
I remember when I put in everything I could possibly afford to invest in Dash at $11,000 and I was wondering how I was going to pay the bills and then it went up to being worth like $90,000. I was uncomfortable having a $90,000 Dash wallet on my computer realizing that if someone came into my house or if I messed up and got hacked, someone could take all of it and I would not be able to get any of it back and there would be no recourse at all.
Thus, I think it’s important to share the whole story with you. So, keep that in mind for MasterNodes. There are also coins like Steem. Although, I don’t recommend buying in Steem. There are coins like Steem where you make money just by holding it and one of the reasons Steem has not gone anywhere in cryptocurrencies is because of this particular system. With delegated proof of stake, you make a lot of money, much more than a MasterNode. The ROI is much higher than a MasterNode. When this is done well, you make a lot of money just by holding and staking it.
I actually have sold all the Steem I bought and yet I still keep making more money because I had Steem delegated to me and because of constantly having Steem stakes. I haven’t even been able to stop making Steem with the delegated Steem and continuing to vote on myself and get post. I haven’t even been able to stop making Steem even though I’ve been selling all the Steem I’ve made constantly for over a year now. I still can’t stop making it. It just keeps coming in constantly. If I reload the page again just a couple of seconds later, there will be more Steem in my wallet than there was a minute ago.
Thus, if you look for delegated proof of stake coins, you can search for this directly on Coinpaprika. You can look for it directly on Coinpaprika. You can look for specific things like you can click on ‘Tags’. Then you can click on something if you want delegated proof of stake or you want proof of stake, you can click and filter by coins that have these properties. Delegated proof of stake coins has a good way for you to make money just by staking the coin you have.
The nice thing about delegated proof of stake coins is if there’s an issue you might be able to get your wallet back. For example, someone somehow hacked my account on Steem and took the key, I would have a chance to get that back without hardly losing anything. You can have some more safety in terms of not being able to instantly lose all of it.
Another really good way you can make money in the cryptocurrency world is Affiliate Marketing. I’ve earned thousands of dollars doing affiliate marketing. I see a lot of entrepreneurs and cryptocurrency enthusiasts constantly trying to share affiliate links and I’ll give you some tips on what not to do and how to actually do this successfully.
If you want to do great affiliate marketing, having video tutorials is a really good way to do it and maybe I’ll throw in a Coinbase affiliate link just to see if anyone’s still interested in this. Video tutorials can be a really good way to get affiliate conversions, for example, I did this video with 8 Cryptocurrency Exchanges then I put affiliate links in it. Asked people to use them. Got lots of affiliate commissions that way.
If you’re new to affiliate marketing, affiliate marketing is just referring a friend like on Coinbase, when you invite a friend to Coinbase, you and your friend both get $10. I’ve earned thousands of dollars referring friends to Coinbase and putting links into my videos for people to join Coinbase and there are tons of cryptocurrency exchanges and websites that have referral programs like this.
The idea is to keep it honest, for example, there’s no reason to try and refer somebody to something you don’t use. There’s no point in signing up the Coinbase, trying to refer people to it when you don’t use it. I do use Coinbase which is why it’s easy for me to make referrals because I use it. I like it. I’m really happy with it and Coinbase is where I’ve turned to the majority of the cryptocurrency I’ve earned into cash and put it back in my bank account.
It’s also the main place I’ve bought cryptocurrency rather it was Bitcoin to send it to another exchange or Etherium and held it. For example, Coinbase is what I’ve used as my cryptocurrency wallet. It’s got a lot of currencies and I imagine if you want to use Coinbase and help me with this referral, you’ll use this link. See how easy that was. You can earn good money doing referral marketing when you put it in a context that’s appropriate. Just spamming your link all over the place is not likely to get you that many referrals.
What works for me is to have a really well-thought-out affiliate setup. For example, I have an affiliate set up for Skillshare you can see at jerrybanfield.com/freecourses. I have a list of free coupons that are updated every day to Udemy. Then I’ve got a Skillshare link in there. Systems like that can work really well to earn money. If you do some research on cryptocurrencies then you could put an affiliate link in that research.
Thank you very much for reading to the end of this post. I hope this is helpful to give you the tips and strategies that have worked best for me to become rich in the crypto market without trading and also to help you avoid some of the things that have cost me the most money, opportunities, time and energy that don’t work in the cryptocurrency market as well.
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Thank you for making it to the end of this. I love you. You’re awesome and we’ll see you in the next post.